For many tax practitioners, the tax rules dealing with a change in a client's accounting method and completing Form 3115 came to prominence when they were wrestling with how to implement the new, final repair regulations for 2014. Changes in methods of accounting encompass this topic, but also address non-repair regulation accounting method changes. This program discusses the change in accounting method topic generally, and focuses on how to make such a change through filing Form 3115.

For many tax practitioners, the tax rules dealing with a change in a client's accounting method and completing Form 3115 came to prominence when they were wrestling with how to implement the new, final repair regulations for 2014. Changes in methods of accounting encompass this topic, but also address non-repair regulation accounting method changes. This program discusses the change in accounting method topic generally, and focuses on how to make such a change through filing Form 3115.

Objectives:

* Determine if an accounting method change can be implemented automatically or whether it will require the IRS's consent to implement * Implement an automatic accounting change by following the IRS guidelines

Major Subjects:

* What is a method of accounting and what is an accounting method change? * Automatic and non-automatic changes in a taxpayer’s method of accounting * How to prepare and what to disclose on Form 3115, Application for Change in Accounting Method * Impact of an IRS examination on the taxpayer's ability to make accounting method changes * Implementing accounting method changes associated with the final repair regulations * Calculating and reporting a Section 481(a) adjustment

Designed For: Any tax practitioner who wishes to understand the tax rules relating to accounting method changes

Prerequisite: Basic understanding of the tax rules dealing with individual and business income taxation